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proptech

Published on
9 mins read

Sparen: Streamlining Real Estate Transactions with AI

Sparen

Traditional real estate transactions are slow and expensive due to a complex and outdated process.

Sparen, aims to revolutionize the industry by streamlining the process with automation and algorithms, making buying and selling homes faster and cheaper.

In this interview, Sparen’s founder, Paris Dean, delves into the transformative power of its algorithms and outlines a vision for the future where real estate transactions are streamlined, efficient, and accessible globally.

What were the key insights that led you to create Sparen?

I was an asset manager overseeing hundreds of millions of dollars of mostly residential real estate, and a big part of my job was searching for, communicating with, and analyzing information from the various parties required to facilitate transactions such as agents, title companies, insurance companies, inspectors, and contractors.

It was like having to go on a scavenger hunt to find the pieces to a puzzle before you put the puzzle together. At the time my mom was looking to buy a house, and it was twice as complicated: she used Zillow and Redfin to find properties; then she had to talk to lenders to figure out what she could afford to spend because seller’s agents wouldn’t take her seriously without a pre-approval letter; then she had to find a Buyer’s agent to get access to the property, which is a whole other process because not all agents are created equal; and lastly, she had to quickly submit her “highest and best offer” before somebody else beat her to it.

I think she looked at maybe 15 houses and missed out on 12 of them. I got frustrated more times than I can remember because I could not figure out why the whole process was so fragmented and inefficient in 2017 when you could buy a $1M car and have it delivered to your driveway and robots could repair a heart valve. I was looking at the whole process like “Why is it so hard to buy a house?? There’s got to be a better way to do this,” and I couldn’t find one, so I started designing one.

How do Sparen’s algorithms streamline the transaction process?

Real estate transactions are made up of multiple series of processes, each of which requires data to be collected and analyzed. Think of it like baking a cake.

You mix the dry ingredients, then the wet ingredients, then you combine them. The problem with that is that the majority of that data is manually collected and analyzed by people, which means lots of errors. Our algorithms streamline and automate the data collection and analysis for the majority of the steps in real estate transactions, meaning people can get through transactions in a few days compared to weeks and months.

Take underwriting for example. On average, it takes lenders 4-6 weeks and costs about $8-12,000 to underwrite a Buyer whether they’re approved or not, which is then passed down to Buyers. While we don’t lend money, we collect all the same data and analyze it to the same standards in under a minute for less than $2. Less time = more savings.

How do you anticipate Sparen’s platform will impact traditional real estate agents and brokers?

I didn’t build Sparen for agents. I built it to get rid of them because I thought they were the enemy. But after talking to so many of them I realized it wasn’t agents I had a problem with, it was that standard 5 or 6% commission. So rather than dismissing agents entirely, we built an internal marketplace of sorts where buyers and sellers can connect with agents on demand and get help with specific tasks for a flat fee.

For example, if a seller needs help with staging, they can click a button and get connected with an agent who may charge $1,000 for a consultation. So while they’re not making their normal 3%, they’re also not overburdening themselves with every little facet of the transaction, freeing up a significant amount of their time.

Also, that agent may be able to provide that service 2 or 3 times that month. That’s an extra $3,000. In many cases, that would be more than their commission for significantly less work.

What strategic partnerships do you have, and how will they contribute to your growth strategy?

Because real estate is so ubiquitous and is constantly being bought and sold in every sector and industry, there are more applications for Sparen’s technology than any one person can know.

We knew individual buyers and sellers would want to use it, but we’ve gotten attention from a wide variety of Buyers and Sellers, including small flippers who sell 5 properties a year, investment banks, national home builders, the US Government (DoD and HUD), two of the top 5 largest mortgage lenders, and the largest Black-owned Keller Williams brokerage in the country to name a few.

Governor Wes Moore is a fan, and we’ve even been invited to test Sparen’s technology in other countries. Being able to work with and learn from these types of Buyers and Sellers so early on will allow us to 1) build a better product for less money and 2) scale from a few hundred transactions to several thousand transactions in significantly less time.

What are your priorities for your upcoming soft launch, and how do you plan to drive user adoption?

We facilitated more than $100M in transactions with the MVP, so we’re hoping to at least match that with the second launch. By the end of the 12 months after launch – Spring 2025 – we’re expecting to be operational in our target states of Michigan, Maryland/DMV, Florida, and Missouri.

Working with our mentor and advisor network – which includes Dr. George C. Fraser, Michael V. Roberts, MaryAnne Gilmartin, Miller London, Monica Wheat, and members of a D.C.-based networking group named “Hamhock” – and our channel partners will make Sparen available to many more people much faster than we can because their networks and customer bases are significantly larger than ours.

What is your vision for the future of Sparen?

This is a tough one because the more we learn about our technology, the bigger the future becomes. But if I had to choose a number and spin the roulette wheel right now, I’d have to say I want Sparen to be the largest global real estate marketplace.

I want Sparen to be as ubiquitous yet “invisible” as Network Solutions and AWS. Anytime a property is being bought or sold, whether it’s someone in Texas selling their home themselves, an agent selling it in California, or a family buying their home from another family in Nigeria, I want Sparen’s technology powering that transaction.

by Tony O. Lawson

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Published on
9 mins read

Keepingly: Using Technology to Empower Smarter Homeownership

Keepingly

Keepingly is a platform that aims to make owning a home easier. By combining tech expertise with insight into what homeowners need, they want to make homeownership simpler, more empowering, and sustainable.

In this interview, Keepingly’s founder, Daniel Smith discusses how the started, what makes it unique, and where it’s headed, showing a new way to think about owning and caring for a home.

What motivated you to create Keepingly?

Keepingly was birthed out of my personal experiences as a homeowner, coupled with a noticeable void in effective tools to streamline the homeownership process. Conversations with fellow homeowners revealed a common thread: the journey of managing a home, with its myriad responsibilities from routine upkeep to financial management, often felt daunting.

Having spent several years in technology and previously managing Product for the Internet of Things, reinforced by research, highlighted the intricate challenges homeowners face, particularly in maintaining their most significant asset. Conceived as a direct response to these challenges, We aim to simplify various facets of homeownership, rendering it more accessible, manageable, and sustainable for families and individuals. 

At the heart of our mission is our commitment to Homeownership Sustainability, focusing on equipping homeowners with the necessary knowledge and tools to make well-informed decisions regarding their properties.

Our platform offers a centralized system for document storage, ensuring documents are easily retrievable, with features that aid in maintenance tracking and property appraisal. Our goal is to encourage homeowners to embrace practices that assist them to manage, maintain, and grow the value of their largest asset. 

How does Keepingly differentiate itself from other home management platforms?

Keepingly sets itself apart by emphasizing the entire homeowner journey, equipping homeowners with comprehensive tools and insights from the initial purchase to long-term management and eventual sale.

Our platform is designed to empower homeowners at every stage, providing an intuitive, accessible, and engaging user experience. Some of the features we are really proud of include:

  • Data-Driven Appraisal – Keepingly’s focus on the appraisal process ensures homeowners can capture the full value of their investments, collaborating with appraisers to account for property enhancements. Our distinct approach positions Keepingly beyond mere maintenance or financial management platforms, we offer a holistic solution for homeowners.
  • Our maintenance checklist offers a structured approach to property upkeep. This empowers homeowners to make informed decisions, fostering proactive property management.  
  • Homeowner Score – Our unique scoring methodology delivers deep insights into the impact of homeowners’ actions on their property’s value and health. Keepingly rewards homeowners with a tangible metric that reflects their efforts, encouraging ongoing engagement.
  • Keepwize with Keepingly – Our podcast in Season 1 has become a Top 20 Podcast for homeowners. It is designed to really discuss the issues that are relevant to the Homeowner’s journey and experience. We discuss what homeowners should be focused on and how they can make the best decisions around their most important asset. 

How do you ensure the security and privacy of users’ sensitive home-related information?

At Keepingly, safeguarding our users’ data is a top priority. We employ robust encryption methods to protect data both in transit and at rest, ensuring that all communication is secure and stored data is shielded from unauthorized access.

Our security measures include regular system audits to identify and fix vulnerabilities, strict access controls to limit data access and two-factor authentication for an added layer of account security.

Keepingly upholds a strict policy against selling user data, emphasizing our dedication to user privacy. Users retain full control over their data, with clear consent required for any data collection, the ability to easily export, and transparent policies that govern data sharing. 

Our approach not only ensures compliance with data protection standards but also fosters trust and transparency with our users, reinforcing Keepingly’s position as a secure and user-centric Homeownership Sustainability platform.

In what ways does Keepingly support collaboration and communication among homeowners, contractors, and other relevant parties involved in home management and improvement projects?

Keepingly focuses on the relationship between Real Estate Agents/ Brokers and Homeowners and lays a solid groundwork for document management and organization.

The platform’s ability to store and categorize essential homeownership documents like closing documents, mortgage details, insurance policies, utility records, maintenance receipts, expenses, and renovations is crucial for enhancing homeowners’ efficiency and peace of mind.

This is instrumental in ensuring that homeowners can access critical information swiftly and reliably, thereby streamlining the post-purchase phase of homeownership.

Future functionality for contractors includes 

  • Real-Time Document Sharing will be implemented in future versions of the platform. 
  • Allowing vendors and other stakeholders seamless access for sharing documents into the platform.
  • Vendor-planned features would allow better management of the relationship with the homeowner

Could you share any success stories or notable instances where Keepingly has helped homeowners manage and maintain their homes effectively?

The feedback has been overwhelmingly positive, with stories that highlight the real impact Keepingly has had on simplifying homeownership and reducing the stress that often accompanies it. The feedback also allowed us to hone in on the experience and what we needed to enhance the platform. 

One new homeowner spoke about the volume of documents and the ongoing maintenance her new home required. Keepingly became their go-to solution. They were particularly impressed by how the platform stored and allowed them to consolidate all her homeownership documents in one secure, easily accessible location.

Another client shared how Keepingly’s maintenance checklist feature was eye-opening and helpful for him as he didn’t realize all the things that he needed to be aware of. It helped him establish a proactive maintenance schedule and to ensure that his home’s systems were serviced thus preventing costly emergency repairs. 

One homeowner was especially happy with the expense feature which allowed them to know exactly what they spent on their home. 

For our theme these instances embody our core mission: to empower homeowners by providing the tools, resources, and support homeowners require to manage their homes efficiently. The Keepingly team is committed to evolving and improving the Keepingly platform and ensuring homeownership sustainability. 

Where do you see your company in the next 5 years?

In the next five years, Keepingly is set to define Homeownership Sustainability, establishing our platform as the leading platform for homeowners. Our vision is to make Keepingly synonymous with simplicity, efficiency, and empowerment in the realm of homeownership.

This journey will be characterized by relentless innovation, enhancements centered around user needs, and a steadfast dedication to fostering a sustainable and supportive ecosystem for homeowners.

Our commitment will not only enhance the homeownership experience but also contribute to a more sustainable and community-oriented approach to managing homes.

by Tony O. Lawson

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Published on
6 mins read

Tynt Technologies: Redefining the Role of Windows in a Sustainable Home

Tynt Technologies

Tynt Technologies is a company on a mission to optimize human health and comfort within the home. Their innovative approach involves dynamic windows that intuitively control daylight and privacy, challenging the traditional notion of windows as mere openings to the outdoors.

Tynt Technologies has raised $16 million to date. This funding is being used to develop and commercialize the company’s smart window technology.

In this interview with founder and CEO Ameen Saafir, we explore Tynt’s journey and vision within the context of evolving climate technology trends.

Can you tell us about the inspiration behind Tynt Technologies?

Tynt Technologies’ journey began with a passion for innovation and a commitment to addressing climate change. In 2003, after completing my degrees at Stanford, I delved into the world of flat panel display technology, specifically OLEDs, with industry giants Samsung and DuPont. As I successfully scaled up a unique method for producing these displays, which involved coating active materials from a solution, I began pondering how I could utilize my expertise to combat climate change.

While many in my field were focusing on solar and energy storage, I saw a largely untapped market in smart windows. In 2012, I joined a smart window company with a similar approach to material coating. As Chief Engineer, I led the scaling of this technology, even overseeing the company’s inaugural manufacturing facility. However, this technology was costly and lacked key features for mass-market appeal.

Fast forward to 2020, I received a call from my former graduate school advisor, Professor Mike McGehee, who had developed a groundbreaking smart window technology at CU Boulder. I initially agreed to help craft a business plan and advise his students, but after witnessing the technology’s potential firsthand, Tynt Technologies was born just four weeks later.

What sets Tynt’s smart windows apart from other products in the market?

In recognizing the importance of providing mass-market appeal, Tynt Technologies focuses on offering a cost-effective solution with neutral color, privacy in the dark state, and wireless installation and operation capabilities.

We stand out as the only technology that delivers all these features, making us a game-changer in a market where existing products cater primarily to high-end commercial applications, such as office buildings, airports, and hospitals. Our vision extends to thriving in single and multi-family homes and commercial spaces like shopping malls and restaurants.

With the growing interest in smart homes and buildings, how do you see Tynt’s technology fitting into the broader trend of IoT (Internet of Things) and smart building systems?

Smart building systems aim to optimize energy consumption, comfort, and privacy. Tynt’s technology plays a pivotal role in achieving these objectives. Windows have a substantial impact on these aspects, and our smart windows can reduce a home’s total energy consumption by up to 30% by controlling thermal energy from the sun.

They keep homes cool in the summer by blocking excess heat and allowing natural heating during the winter. Moreover, our smart windows maximize natural light, creating a comfortable and adaptable environment. The ability to completely darken windows also enhances security and privacy, making them a cornerstone of the smart homes of the future.

What kind of partnerships or collaborations do you foresee as critical for your success?

As a startup company with a focus on longevity and customer support, we believe that establishing partnerships with established window companies is critical for our success. Homeowners expect their windows to last over 30 years, and they want assurance that their chosen company will support them, even in the unlikely event of warranty issues. Recognizing this, we have already signed agreements with three renowned window companies (to be announced soon) through which we will introduce our product.

tynt technologies

What’s your vision for the future of Tynt Technologies?

Looking ahead, we envision Tynt Technologies as a company that will provide homeowners with a comprehensive smart window system, integrating intelligence to manage energy, comfort, and security. Our windows will communicate with other devices in the home to deliver a premium smart home experience.

Additionally, by combining Tynt with advanced insulating window technologies like vacuum-insulated glass, we aim to revolutionize home design. This will enable more windows in homes while adhering to stringent energy performance standards, eliminating the need for homeowners to choose between abundant natural light and energy efficiency.

Our goal is not only to challenge the perception of windows but also to redefine what’s possible in a modern, energy-efficient home.

by Tony O. Lawson

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Published on
3 mins read

Proptech 101: Understanding the Growth and Impact of Real Estate Technology

proptech

Proptech (property technology) is the use of technology to improve the efficiency and profitability of real estate transactions and operations.

From online platforms for buying and selling properties, to virtual reality tools for property tours, to data analytics for real estate market analysis, proptech companies are leveraging the latest technology to create new and innovative solutions for the industry.

The proptech industry is experiencing significant growth, as more and more companies enter the market and investors begin to recognize the potential for strong returns. The market size is estimated to reach $86.5 billion by 2032, up from $18.2 billion in 2022. A report stated that there were 2,045 PropTech companies– operating in 66 countries – at the end of the fiscal year in 2021.

This growth is driven by a number of factors, including the increasing adoption of technology in the real estate industry and the growing demand for more efficient and sustainable real estate solutions.

Proptech can be used in a variety of ways to advance the real estate industry, including in the construction and sustainability sectors. In the construction industry, proptech companies are using technology such as Building Information Modeling (BIM) and 3D printing to improve the design, construction, and maintenance of buildings. This can lead to more efficient construction processes, reduced costs, and better-performing buildings.

In the sustainability sector, proptech companies are using technology such as energy management systems, smart building controls, and sensor networks to improve the energy efficiency and environmental performance of buildings. This can lead to significant cost savings for building owners and tenants, as well as a reduction in the environmental impact of the built environment.

One specific example of proptech in action is the multifamily industry, where technology is being used to improve the leasing process, streamline property management, and enhance the overall living experience for residents.

For example, many multifamily buildings now use digital platforms for leasing and rental payments, making the process more convenient for both tenants and landlords.

Additionally, proptech companies are developing virtual reality tools for property tours, allowing prospective tenants to explore a property from the comfort of their own homes.

Another example is the industrial industry, where proptech companies are using technology to optimize the performance of warehouses and distribution centers. For example, companies are using sensor networks and data analytics to improve inventory management, reduce costs, and increase efficiency.

Lastly, proptech is also being used in the office sector, where technology is being used to improve the experience of working in an office building. For example, companies are using sensor networks and data analytics to optimize the performance of HVAC systems, improve indoor air quality, and enhance the overall comfort of the building.

Overall, this dynamic industry offers a lot of potential for growth and innovation, and it will be interesting to see how it develops in the near future.

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Published on
2 mins read

Black Owned Proptech Startup, REZI Secures $100M to Expand Nationwide

REZI, a real estate technology company offering “Occupancy-as-a-Service” for rental property owners, has secured $100M in debt financing from Stratos Credit, announced on Tuesday by Sean Mitchell, CEO & Co-founder at REZI.

rezi

This funding comes at a time of rapid growth at the NYC-based company. It has expanded into several new markets across the country, including Los Angeles, San Francisco, and most recently, Austin, after securing a deal with Rastegar Property Company to lease-up over 200 vacancies across nine of the firm’s developments.

REZI will leverage this new $100M in capital to expand its offerings to more property owners in existing and new markets. The company uses innovative technology including machine learning algorithms to accurately predict rent prices, vacancy timelines, and credit losses.

It then uses those insights to guarantee leasing performance for property owners who work with them.

“Stratos has been a core strategic partner of REZI since 2017. This facility marks the next phase in our relationship and the beginning of a new and exciting time at REZI as we expand our service across the country and launch more products for property owners, investors, and renters alike” said Sean Mitchell.

Leveling the renting field for everyone

REZI leverages the latest tools in technology, analytics, and finance to get rid of the old inefficiencies to focus on empowering both tenants and property owners.

For landlords, they remove risks from the equation by guaranteeing their income and taking over every aspect of the renting process. For tenants, they offer a fast, easy, and free experience to find their next home, removing removed broker fees and replacing unnecessary bias with financial eligibility and secure background checks.

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